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U.S. consumer demand for prize-linked savings: New evidence on a new product

  • Tufano, Peter
  • De Neve, Jan-Emmanuel
  • Maynard, Nick
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    We report on the potential American demand for prize-linked savings, a savings account that also awards prizes. Our survey data suggests significant interest among individuals with little actual savings, without regular saving habits, who play lotteries extensively, and are optimistic.

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    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 111 (2011)
    Issue (Month): 2 (May)
    Pages: 116-118

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    Handle: RePEc:eee:ecolet:v:111:y:2011:i:2:p:116-118
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    1. Manju Puri & David Robinson, 2005. "Optimism and Economic Choice," NBER Working Papers 11361, National Bureau of Economic Research, Inc.
    2. Melissa S. Kearney, 2005. "The Economic Winners and Losers of Legalized Gambling," NBER Working Papers 11234, National Bureau of Economic Research, Inc.
    3. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
    4. Kearney, Melissa Schettini, 2005. "The Economic Winners and Losers of Legalized Gambling," National Tax Journal, National Tax Association, vol. 58(2), pages 281-302, June.
    5. Mauro F. Guillén & Adrian E. Tschoegl, 2001. "Banking on Gambling: Banks and Lottery-Linked Deposit Accounts," Center for Financial Institutions Working Papers 00-25, Wharton School Center for Financial Institutions, University of Pennsylvania.
    6. Murphy, Anne L., 2005. "Lotteries in the 1690s: Investment or Gamble?," Financial History Review, Cambridge University Press, vol. 12(02), pages 227-246, October.
    7. Melissa Schettini Kearney & Peter Tufano & Jonathan Guryan & Erik Hurst, 2010. "Making Savers Winners: An Overview of Prize-Linked Savings Products," NBER Working Papers 16433, National Bureau of Economic Research, Inc.
    8. Peter Tufano, 2008. "Saving whilst Gambling: An Empirical Analysis of UK Premium Bonds," American Economic Review, American Economic Association, vol. 98(2), pages 321-26, May.
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